Quiz  /  Business economics Class 9 MCQ Questions With Answers

  • 1. 
    The economic problem is that

  • resources are limited and wants are limited.
  • resources are unlimited and wants are limited.
  • resources are limited and wants are unlimited.
  • resources are unlimited and wants are unlimited.

  • 2. 
    Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?

  • fishing with a friend
  • going to a concert

  • 3. 
    Which coordinate is impossible to be produced?

  • F
  • G
  • E
  • A

  • 4. 
    Jason has been asked by his son to go ride 4-wheelers this weekend. His boss has asked him to work overtime and get paid double. Jason chooses to go ride 4-wheelers with his son. What is his opportunity cost?

  • ride 4-wheelers with his son
  • work overtime for his boss

  • 5. 
    What is Business Studies?

  • This is the study of how businesses are formed, how they grow & how the operate/managed.
  • This is the study of how human beings behave as they satisfy their unlimited wants and needs.
  • This is the value of the next best alternative forgone.

  • 6. 
    The four sectors in the economy are...

  • The household sector, financial sector, business sector & government sector
  • The household sector,tax sector,business sector, & government sector
  • The business sector, tax sector, household sector & financial sector
  • The financial sector, government sector, corporate sector, & household sector

  • 7. 
    Supply represents...

  • how much of a product or service the market has to offer
  • how much of a product that the customer wants to buy
  • how many goods are available for purchase
  • how much of a product or service that buyers want to sell

  • 8. 
    What does point Y represent on the PPC?

  • Efficiency
  • Unattainable / impossible
  • Inefficency
  • Nothing

  • 9. 
    Labour is...

  • the human process of manufacturing goods and services
  • the human skills and effort required in the production process
  • the human skills required to acquire raw materials
  • the human skills and effort required to manufacture goods and services

  • 10. 
    Australia's biggest trading partner is ...

  • USA
  • Japan
  • Mongolia
  • China

  • 11. 
    If a point lies on the curve this means the company/country/individual is being efficient. If a point lies inside the curve, what does that tell?

  • They are being over efficient
  • They are being inefficient
  • It is not impossible with the given resources
  • They are still efficient, just at another point

  • 12. 
    Gross Domestic Product (GDP) refers to

  • the total monetary value of a country based on goods and services produced
  • the total value of all goods and services that are required for the production process
  • the total value of all goods and services produced in a business in a given period of time
  • the total value of all goods and services produced in a country in a given period of time

  • 13. 
    Goods are...

  • goods are sold at supermarkets for consumption
  • goods are intangible items that cannot be seen or touched
  • goods are actions done by businesses for consumers
  • goods are physical, tangible products that can be seen and touched

  • 14. 
    Land refers to...

  • all the raw materials that mined and used in difference resources to create goods and services for the consumer
  • all the raw materials and other natural resources that go into the production of goods and services
  • all the raw materials that are offered to producers as goods and services for the consumer
  • all the raw materials that are mined in minecraft

  • 15. 
    Globalisation can be defined as...

  • Economic transactions that are made between countries
  • The exchange of goods and services among individuals and businesses in multiple countries
  • The process of interaction and integration among people, companies, and governments worldwide
  • A change in global or regional climate patterns

  • 16. 
    What is the Opportunity Cost of moving from B to E?

  • 48 comic books
  • 36 comic books
  • 24 comic books
  • 12 comic books

  • 17. 
    The diagram shows the production possibilities curve for Country Y. Which of the following statements is true?

  • If Country Y is producing at point C, it is using all its resources efficiently
  • The opportunity cost of producing more machines is constant
  • Country Y cannot produce at point E
  • The most efficient point of production is point D

  • 18. 
    Australia's biggest export in 2017 was ...

  • Iron ore
  • Wheat
  • Natural gas
  • Coal

  • 19. 
    Opportunity cost can be defined as...

  • Having fewer resources than needed to fill human wants and needs
  • A time or set of circumstances that makes it possible to do something
  • Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media
  • The loss of other alternatives when one alternative is chosen
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